MicroStrategy revenue increase 52% in Q1, confirms more Bitcoin buys ahead
MicroStrategy, owns over 91,000 Bitcoin (BTC), saw an astounding surge in revenues in the first quarter2021, says its latest figures.
Through a press release on April 30, the company’s CEO Michael Saylor disclosed that the company's success has gone far beyond its Bitcoin profits.
MicroStrategy is continually hitting the headlines for its flatly bullish prospect on Bitcoin and its future, adding to its reserves regardless of sentiment or price. Its advocacy has seemed to endear it to a new sector of clientele, nine months after the beginning to convert its cash reserves to BTC, sales of its products and services have also boomed.
"Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2020," stats the press release.
Company’s total revenues for Q1 is over $122 million, a 10.3% increase compared to the same period of 2020.
"MicroStrategy’s first quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value," Saylor commented, "We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”
He said that the company was "still happy" with its approach to BTC adoption, adding that it would add it in its already substantial reserves.
The stock price of the company has experienced much volatility this year as of something which has echoed Bitcoin's own price discovery.